Golar and Schlumberger form OneLNG JV
Golar LNG Ltd. ("Golar") and Schlumberger joined forces to create OneLNG, a JV to rapidly develop low cost gas reserves to LNG. The combination of Schlumberger reservoir knowledge, wellbore technologies and production management capabilities, with Golar's low cost FLNG solution, will offer gas resource owners a faster and lower cost development, increasing the net present value of the resources.
Golar and Schlumberger have 51/49 ownership of the joint venture, and have agreed on an initial investment commitment to cover the estimated equity needed to develop the first project. In addition, the parties will discuss additional debt capital on a project-by-project basis. This future financing will take into account Golar's FLNG intellectual property through an equitable contribution mechanism to be agreed between the parties.
OneLNG will be the exclusive vehicle for all projects that involve the conversion of natural gas to LNG which require both Schlumberger production management services and Golar's FLNG expertise. After reviewing the current market opportunities where 40% of the world's gas reserves can be classified as stranded, both parties are excited at the future prospects of OneLNG and are confident that it would conclude 5 projects within the next 5 years.
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